WASHINGTON (dpa-AFX) - Gold prices held steady on Thursday, given trade uncertainties and weak U.S. economic data released overnight.
Spot gold was up 0.1 percent at $3,375.60 per ounce in European trade while U.S. gold futures were virtually unchanged at $3,399.50.
The dollar index was little changed, consolidating losses after a bearish reversal on Wednesday, following a pair of disappointing reports on the U.S. economy.
As concerns over the impact of President Trump's trade tariffs grow, traders now expect the Federal Reserve to deliver two quarter-point cuts by year-end, in October and December.
The possibility of a move in September increased to more than 90 percent from around 82 percent. However, the Fed is still widely expected to leave interest rates unchanged at its next meeting later this month.
In Europe, the European Central Bank is widely expected to reduce interest rate by 25 basis points later in the day, but there's a lot of uncertainty around what the central bank could do next in view of uncertainties both at home and abroad.
The focus will be on what bank President Christine Lagarde says about future decisions.
On the geopolitical front, U.S. President Donald Trump said that Russian President Vladimir Putin was not ready for an 'immediate peace' in Ukraine and is planning to retaliate for Kyiv's drone attack on his country's bomber fleet.
Reports on weekly jobless claims and the U.S. trade deficit may garner some attention later in the day after weak jobs and services data rekindled growth concerns.
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